Exhibit 12

Alcoa and subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(in millions, except ratio)

Nine months ended September 30,	2010
Earnings:
Income from continuing operations before income taxes	$	200
Noncontrolling interests’ share of earnings of majority-owned subsidiaries without fixed charges		—
Equity income		(52	)
Fixed charges added to earnings		404
Distributed income of less than 50 percent-owned persons		26
Amortization of capitalized interest:
Consolidated		29
Proportionate share of 50 percent-owned persons		—
Total earnings	$	607
Fixed Charges:
Interest expense:
Consolidated	$	376
Proportionate share of 50 percent-owned persons		—
	$	376
Amount representative of the interest factor in rents:
Consolidated	$	28
Proportionate share of 50 percent-owned persons		—
	$	28
Fixed charges added to earnings	$	404
Interest capitalized:
Consolidated	$	70
Proportionate share of 50 percent-owned persons		—
	$	70
Preferred stock dividend requirements of majority-owned subsidiaries		—
Total fixed charges	$	474
Ratio of earnings to fixed charges		1.3